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Updated over 7 years ago on . Most recent reply

User Stats

61
Posts
14
Votes
Rickey Wiley
  • Rental Property Investor
  • Richardson, TX
14
Votes |
61
Posts

Mortgage/Bank Lenders - Recommendations???

Rickey Wiley
  • Rental Property Investor
  • Richardson, TX
Posted

Hello BP, I'm located in Dallas, TX and I'm in the process of purchasing a new rental property (duplex), but in need of some Lender advice and/or recommendations. My credit score is pretty good (720), I have a stable job, and I am also receiving rental income from two other properties, both of which I hold an FHA and conventional loan so I do have the income to support.

I'm wanting to know which lender/bank I should use to apply for if I DO NOT have 20% as a down payment. I know certain lenders have programs for conventional loans at 3-5% down but I know it would be tough having two loans out already. Anyone know of a lender with (easy) (fast) approval and allows less than 10% down?

My plan would even be to move in to the property once I get approved and rent out the others... I know one of the questions they'll ask is if its my primary residence or investment property which may play a role as well. For now I just need to get pre-qualified to start looking...

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